Stock Market Update

[BRIEFING.COM] The stock market is mixed so far. Buy-the-dip interest has propelled the Dow Jones Industrial Average higher while losses in some mega cap names have limited moves for the S&P 500 and Nasdaq.

Market participants are in wait-and-see mode in front of FOMC decision at 2:00 ET and Fed Chair Powell's press conference at 2:30 p.m. ET. The market expects a 25 basis points rate cut today, bringing the target range for the fed funds rate to 4.25-4.50%. Focus on the Summary of Economic Projections (SEP), which will provide some insights on how the Fed believes the economy and rates will evolve.

Treasury yields are mixed in front of the announcement. The 10-yr yield is up one basis point to 4.39% after hitting 4.42% earlier and the 2-yr yield, which is more sensitive to changes in the fed funds rate, is down two basis points to 4.22%.

The mixed action in the stock market has led six of the 11 S&P 500 sectors to trade higher.